Best Egg Personal Loans Review: What You Need to Know

Quick Take: Best Egg is an online personal loan lender that offers fixed-rate loans with fast funding and a fully digital application process. While it provides competitive loan amounts and predictable payments, origination fees and limited repayment term options may increase overall borrowing costs for some applicants.

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Pros & Cons 

Pros 

• Fast funding, some borrowers receive funds as soon as the next business day

• Fixed interest rates with predictable monthly payments

• Option to check your rate without impacting your credit score

• Available to borrowers with fair to good credit

Cons 

• Origination fees may apply and can be significant, depending on the loan offer

• No co-signer or joint loan options

• Repayment term options are more limited than those of some competitors

Company Overview 

Founded in 2014, Best Egg is an online lender focused on providing personal loans for debt consolidation, major expenses, and other everyday financial needs. The company operates primarily through a digital application process, allowing borrowers to check rates, apply, and manage loans entirely online.

Best Egg works with partner banks to originate loans and generally targets borrowers with fair to good credit profiles who want a straightforward borrowing experience without visiting a branch.

Key Features 

Interest Rates 

Best Egg personal loan APRs generally range from approximately 6.99% to 35.99%, depending on factors like credit score, income, loan term, and overall financial profile. Rates are fixed, meaning they won’t change over the life of the loan.

Loan Amounts 

Borrowers can generally request loans ranging from a few thousand dollars up to $50,000, making Best Egg suitable for both smaller expenses and larger consolidation needs.

Repayment Terms 

Best Egg commonly offers 36-month and 60-month repayment terms, giving borrowers some flexibility between lower monthly payments and faster payoff timelines.

Funding Speed 

Once approved and accepted, funds are often deposited as soon as the next business day, though timing can vary by bank and verification requirements.

Costs & Fees 

Best Egg may charge an origination fee, which is typically deducted from the loan proceeds before funds are disbursed. The exact fee varies based on the loan offer and borrower profile. Late fees or other penalties may apply depending on loan terms, so borrowers should review their agreement carefully before accepting.

Other Notable Features 

• Soft credit check available during rate shopping

• Fully online application and account management

• Customer support via phone and online channels

Availability may vary by state, and not all applicants will qualify for the lowest advertised rates.

How To Apply 

1. Check your rate using a soft credit inquiry

2. Provide basic information such as income and employment details

3. Choose a loan amount and purpose

4. Review available offers and terms

5. Accept the loan and receive funds if approved

Comparable Options 

Borrowers considering Best Egg may want to compare it with other online personal loan lenders that offer different repayment terms, loan limits, or eligibility features.

When Upgrade might be better: Upgrade may be a better fit for borrowers who want a wider range of repayment term options or who may benefit from applying with a co-borrower.

When LendingPoint might be better: LendingPoint may appeal to borrowers who need shorter or moderately long repayment terms but do not require the higher loan amounts offered by Best Egg or Upgrade.

Who It’s Best For 

Best Egg may be a good fit for borrowers who:

• Want fast access to funds

• Prefer fixed monthly payments

• Have fair to good credit and stable income

It may be less appealing for those seeking no-fee loans, co-signer options, or longer repayment terms.

Final Take 

Best Egg personal loans can make sense for borrowers who value speed, simplicity, and predictable payments, especially when consolidating debt or covering a planned expense. However, origination fees and limited-term options mean it’s worth comparing offers before committing. As with any loan, the best choice depends on your credit profile, financial goals, and total borrowing cost.

FAQs

Does Best Egg allow co-signers?

No, Best Egg does not currently offer co-signer or joint loan options.

What credit score do I need?

There’s no published minimum, but borrowers typically need fair to good credit to qualify for a personal loan.

How long does it take to get funded?

Many borrowers receive funds as soon as the next business day after approval and acceptance.

Sources

The information in this article was compiled from the following sources:

• BestEgg.com – Official Best Egg Personal Loans page 

• Best Egg FAQ – Eligibility requirements, fees, and funding timelines

• Upgrade official website (upgrade.com)

• LendingPoint official website (lendingpoint.com)

• NerdWallet – Best Egg personal loan review and lender comparisons

• LendEDU – Personal loan lender comparisons and borrower insights